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Life insurance is important, but it isn't something you can grab on your next shopping trip at the big-box store. Finding the right policy requires some comparison shopping and careful assessment of your needs. Don't make the following mistakes when shopping for a life insurance policy:

​1. Failing to complete a needs analysis. You know that you need life insurance, but how much? Which type of policy suits you best? Your needs are as unique as you are, so there is no correct answer to any of these questions. Talking to your licensed insurance agent and filling out a needs analysis is the best way to determine which type of policy is right for you, and how much insurance you actually need. If you fail to analyze your needs, you could end up with a policy that doesn't adequately protect you and your family.

2. Neglecting to compare premiums. Once you've decided upon the type of life insurance policy and coverage amount you need, you might make the mistake of thinking all policies of the same value are priced the same. Not true! Different life insurance companies have different methods of calculating risk, and therefore the amount of your premiums. Be sure to shop around for a policy that suits your needs and your budget, just as you would shop for a car or a home. This decision is an important investment in your future.

3. Forgetting to re-evaluate your needs. As you age, your circumstances may change. At some point you may need more or less coverage, or a different type of policy may suit you better. Purchasing life insurance is not a one-time-and done event; it's actually better to re-evaluate your needs every two to three years. Make sure your current policy is still right for you, and make changes or updates as needed in order to best protect your family and your future.​13693 - 2014/9/10This information has been provided by a Licensed Insurance Professional and does not necessarily represent the views of the presenting insurance professional. The statements and opinions expressed are those of the author and are subject to change at any time. All information is believed to be from reliable sources; however, presenting insurance professional makes no representation as to its completeness or accuracy. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice.

One of the first stages of your retirement planning should be deciding when you hope to retire – or in other words, how long you plan to keep working. If you've worked out a solid plan to set aside money for a comfortable retirement, congratulations! You're well on your way to a successful retirement plan.

Of course, even the best plans can be derailed by unexpected events. You may intend to work a certain number of years before retiring, but what if that plan becomes impossible due to circumstances beyond your control? You could be forced to retire before you've saved your target amount of money, and you may have to begin taking distributions from your retirement plan years before you had intended.

Think it couldn't happen to you? Think again. A 50-year-old person stands a 36 percent chance of experiencing at least one long-term disability before age 65. That's slightly more than 1 in 3 soon-to-be retirees who will endure a major hiccup in their retirement plans. A “long-term” disability is defined as a major illness or injury which lasts 90 days or more, so it's easy to see how such a situation would affect your career.

If you're one of the unfortunate 36 percent, how would you pay for your medical and living expenses? Social Security may offer some relief but will it be enough? It’s important to ask these questions and then structure a plan that would enable you to meet your financial needs during a prolonged time of unexpected hardship.

All of these facts underscore the importance of including a disability insurance policy in your retirement plan. In the event that you're unable to work, a disability insurance policy will pay out a certain percentage of your income. If you paid your premiums with after-tax dollars, you may not be required to pay taxes on your benefits.

Since disability insurance policies vary greatly, talk to your insurance agent about your options. Carefully consider the income you might need if you become unable to work, so that you can keep your retirement fund intact and protect your future.

2012 Field Guide, National UnderwriterCNNMoney, June 26, 2012​13694 - 2014/9/10This information has been provided by a Licensed Insurance Professional and does not necessarily represent the views of the presenting insurance professional. The statements and opinions expressed are those of the author and are subject to change at any time. All information is believed to be from reliable sources; however, presenting insurance professional makes no representation as to its completeness or accuracy. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice.

Life expectancy is one of the most important retirement planning considerations. When determining your retirement budget so that you can set a savings goal, it's essential that you consider how many years you will need to depend upon your savings. Of course, it's nearly impossible to predict your exact life expectancy, but you may be able to gain a good perspective by examining your parents' longevity and your current state of health.

Advances in medical technology mean that lifespans are increasing, and people are living longer than they expected. In fact, a majority of pre-retirees and retirees underestimate the life expectancy for people their age. In a 2012 study, researchers found that 56 percent of pre-retirees and 62 percent of current retirees underestimated their life expectancy by 2 years or more. By contrast, only 28 percent of pre-retirees and 18 percent of retirees overestimated average lifespans. Translated into retirement planning goals, this means you're more likely to underestimate how much you need to save.

Obviously, you don't want to run out of money toward the end of your life. Not only will this cause the obvious practical problems when you're unable to pay for items like rent and food, but it can cause serious personal problems as well if you're forced to rely upon children and grandchildren for support. You're unlikely to be able to return to work at this time, and you'll find yourself wishing you had better prepared for retirement.

Another consideration is the possibility of high medical bills and long-term care. As you grow older, the potential for serious medical conditions increases. It's extremely important to prepared for the burden of medical bills and nursing home expenses.

So what can you do to prevent yourself from outliving your money? First, consider retiring a couple of years later than you had originally planned. This will lessen your overall time spent in retirement, and gives you a few more years to work and boost your savings. Second, discuss your retirement planning with a qualified financial advisor or insurance broker. A professional with experience in retirement planning can help you cover all of your bases, so that you don't have to worry about running out of money in retirement.

Source: Society of Actuaries, 2012​13646 - 2014/8/21​This information has been provided by a Licensed Insurance Professional and does not necessarily represent the views of the presenting insurance professional. The statements and opinions expressed are those of the author and are subject to change at any time. All information is believed to be from reliable sources; however, presenting insurance professional makes no representation as to its completeness or accuracy. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice.

Most of us realize the importance of saving for retirement. You want to be sure that you can cover your living expenses once you stop working, and it would be nice to enjoy some travel or leisure activities as well. But how much is enough when it comes to retirement savings? Every situation is different, so there isn't one answer that will work for everyone. Consider the following six factors when establishing your retirement savings goal. Retirement age. When do you plan to retire? The earlier your retire, the longer you will spend in retirement. It's important to consider your retirement in terms of “how many years?” This way you can save and budget appropriately. Of course, also consider the fact that illness, disability, or other circumstances could force you to retire earlier than you'd planned. Leave a bit of leeway in your plans.Life expectancy. This is another factor which cannot always be predicted with pinpoint accuracy. But the longer you live, the more money you will need for your retirement years. How long did your parents live? What is the state of your current health? Healthcare costs. Speaking of your health, don't forget to factor in the cost of healthcare. When establishing a budget for retirement, remember the out-of-pocket costs for equipment, medications, and so on. A huge consideration is the possibility of long-term nursing care. You cannot predict whether you will need this type of care, and it isn't always covered by Medicare. Make provisions for long-term care for yourself and your spouse.Lifestyle. Do you want to travel? Move to an expensive retirement community? Pursue hobbies or spoil the grandchildren? The lifestyle you expect to lead in retirement will determine your budget, so think carefully about your goals. Inflation. Whatever you can buy with 10 dollars today, you probably won't be able to buy with 10 dollars next decade. Remember to factor in the effects of inflation, so that you are sure to save enough money to cover living expenses in retirement. Social Security. When do you plan to claim your Social Security benefits, and how much will your monthly checks be? Keep in mind that most retirees cannot afford to live on Social Security benefits alone. While your monthly checks will make a good supplement to your budget, it's important not to rely too heavily upon them. The information in this article is not intended to be tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security.

13647 - 2014/8/21This information has been provided by a Licensed Insurance Professional and does not necessarily represent the views of the presenting insurance professional. The statements and opinions expressed are those of the author and are subject to change at any time. All information is believed to be from reliable sources; however, presenting insurance professional makes no representation as to its completeness or accuracy. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice.

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Securities and Advisory Services offered through Client One Securities, LLC Member FINRA/SIPC and an Investment Advisor. Carstens Financial Group and Client One Securities, LLC are not affiliated.​This information has been provided by a Licensed Insurance Professional and does not necessarily represent the views of the presenting insurance professional. The statements and opinions expressed are those of the author and are subject to change at any time. All information is believed to be from reliable sources; however, presenting insurance professional makes no representation as to its completeness or accuracy. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice.